Segments (Tables)

9 Months Ended

Jan. 31, 2019

Segments

Schedule of segment results

	Three Months Ended January 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	717,984	$	232,201	$	29,368	$	59,321
Other		5,918		2,025		55		396
Corporate		—		—		797		—
	$	723,902	$	234,226	$	30,220	$	59,717

	Three Months Ended January 31, 2018
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	579,974	$	193,329	$	16,252	$	41,658
Other		5,534		2,091		59		549
Corporate		—		—		179		—
	$	585,508	$	195,420	$	16,490	$	42,207

	Nine Months Ended January 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	2,316,732	$	740,591	$	85,284	$	220,365
Other		19,151		6,601		168		1,769
Corporate		—		—		1,877		—
	$	2,335,883	$	747,192	$	87,329	$	222,134

	Nine Months Ended January 31, 2018
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	1,858,259	$	606,388	$	48,744	$	147,534
Other		17,410		6,396		183		1,667
Corporate		—		—		621		—
	$	1,875,669	$	612,784	$	49,548	$	149,201

Reconciliation of Adjusted EBITDA to net income

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2019		2018		2019		2018
	(in thousands)
Net income	$	5,815	$	19,686	$	39,377	$	53,052
Interest expense		19,526		7,871		54,896		23,288
Write-off of debt discount and deferred financing fees		—		—		—		74
Interest income		(10)		(44)		(43)		(93)
Provision (benefit) for income taxes		1,442		(4,488)		12,337		15,555
Depreciation expense		11,919		6,009		34,067		18,021
Amortization expense		18,301		10,481		53,262		31,527
Stock appreciation expense(a)		442		631		1,425		1,863
Redeemable noncontrolling interests(b)		(35)		340		778		1,370
Equity-based compensation(c)		1,140		430		2,638		1,277
Severance and other permitted costs(d)		229		8		5,947		325
Transaction costs (acquisitions and other)(e)		1,066		75		6,660		321
Gain on sale of assets		(118)		(51)		(412)		(648)
Effects of fair value adjustments to inventory(f)		—		89		4,129		276
Change in fair value of financial instruments(g)		—		276		6,395		710
Secondary public offering costs(h)		—		894		—		1,525
Debt transaction costs(i)		—		—		678		758
Adjusted EBITDA	$	59,717	$	42,207	$	222,134	$	149,201

(a) Represents non‑cash expense related to stock appreciation rights agreements.

(b) Represents non‑cash compensation expense related to changes in the redemption values of noncontrolling interests.

(c) Represents non‑cash equity‑based compensation expense related to the issuance of share-based awards.

(d) Represents severance expenses and other costs permitted in calculations under the ABL Facility and the First Lien Facility.

(e) Represents one‑time costs related to acquisitions paid to third parties.

(f) Represents the non‑cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value.

(g) Represents the mark‑to‑market adjustments for derivative financial instruments.

(h) Represents one-time costs related to our secondary offering paid to third-party advisors.

(i) Represents costs paid to third-party advisors related to debt refinancing activities.

Schedule of net sales to external customers by main product lines

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2019		2018		2019		2018
	(in thousands)
Wallboard	$	297,358	$	256,413	$	949,781	$	829,568
Ceilings		105,219		90,360		339,450		291,716
Steel framing		117,432		96,744		382,304		304,598
Other products		203,893		141,991		664,348		449,787
Total net sales	$	723,902	$	585,508	$	2,335,883	$	1,875,669

Schedule of net sales by major geographic area

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2019		2018		2019		2018
	(in thousands)
United States	$	624,672	$	585,508	$	2,021,750	$	1,875,669
Canada		99,230		—		314,133		—
Total net sales	$	723,902	$	585,508	$	2,335,883	$	1,875,669

Schedule of long-lived assets by major geographic area

	January 31,		April 30,
	2019		2018
	(in thousands)
United States	$	871,596	$	813,909
Canada		480,994		—
Total long-lived assets	$	1,352,590	$	813,909